$9.4 BILLION IN CRYPTO

A recent study published by the Basel Committee on Banking Supervision (BCBS) explains that the world’s top banks are exposed to around $9 billion worth of cryptocurrencies. The BCBS is a global organization made up of members tied to the world’s central banks and financial institutions from a myriad of jurisdictions.

The study, called “Banks’ exposures to cryptoassets – a novel dataset,” was written by secretariat Renzo Corrias. The research aims to create a primary global standard on the “prudential treatment of banks’ [crypto asset] exposures.”

“Total [crypto asset] exposures reported by banks amount to approximately €9.4 billion. In relative terms, these exposures make up only 0.14% of total exposures on a weighted average basis across the sample of banks reporting [crypto asset] exposures,” the report written by Corrias details. “When considering the whole sample of banks included in the Basel III monitoring exercise (ie also those that do not report [crypto asset] exposures), the amount shrinks to 0.01% of total exposures.”